Opening a Bank Account in Cambodia as an Expat

Having a convenient way to access your money, especially when you’re in another country, is always ideal. Since this will allow you to pay for goods, services, and anything else that you might need, this should be one of the things you prioritize before moving to Cambodia .

But can foreigners open bank accounts in Cambodia? The answer is Yes! As an expat in Cambodia, you should choose a convenient bank that offers you several benefits.

But, to open an account, you’ll need a valid residential address. If you need help finding a home or office, whether renting or buying, IPS Cambodia can guide you through the process.

All the necessary questions you have on opening a bank account in Cambodia as an expat have been answered and compiled into one complete guide, so continue reading!

Banking 101 In Cambodia

Similar to other countries, there are numerous banks in Cambodia that you can choose from. All of these banks have different benefits to its customers so you cannot simply choose one at random since you have to make sure your chosen bank accommodates all your financial needs. There are around 59 commercial banks in Cambodia, offering a range of financial services to individuals and businesses. Some of the top commercial banks are Advance Bank of Asia (ABA), ACLEDA Bank, Canadia Bank, Foreign Trade Bank of Cambodia, Union Commercial Bank, J Trust Royal Bank, Vattanac Bank, and Campu Bank.

Here are some of the things you have to consider before choosing a bank for you:

Do you need to use a local or international bank?

Using a local or international bank offers different benefits. Choosing an international bank allows you to have the convenience of transferring or receiving money easily with people outside of Cambodia. However, there are numerous fees you have to pay if you have an international card like convenience fees, automatic currency conversion if you’re sending money of a different currency, or even taxes on the sent/received money. Often these banks link to major international payment systems such as VISA, Mastercard etc. easing foreign remittances.

On the other hand, using a local bank is more convenient for daily transactions within Cambodia, and likely to entail less fees. So, if you are staying in the country for an extended period of time, you might consider using a local banking service.

Meanwhile, there are no restrictions to withdrawals from Cambodian bank accounts.

Is the bank and its ATMs accessible in the country?

Among other things you have to consider is if the bank you want to open an account under has accessible ATMs in numerous places in Cambodia. This will make it easier for you to travel within the country freely and still be able to easily access your money.

Since not all banks establish their ATMs rural areas, make sure that the bank you will choose will at least have branches in populous and major cities like Phnom Penh, Siem Reap and Sihanoukville. Below are some examples of ATM maps for popular consumer and business banks.

Acleda Bank’s ATM’s map .

ABA Bank’s ATM Map .

Sacombanks ATM map .

Do you need a high interest savings account or fixed deposit account?

To ensure your money does not remain stagnant in your account, you can get a high interest USD savings or KHR account in a local or international bank. Note that all banks in Cambodia allow you to create savings in KHR, USD and some even allow savings accounts using Thai Baht (THB) or Chinese Yuan (RMB). However, the highest interest is generally available for Khmer Riel (KHR) savings or fixed term deposit accounts.

Fixed deposit accounts in Cambodia allow you to save money for a fixed term, with a fixed interest rate. The rates of interest for fixed deposit accounts are often more competitive that savings accounts and you can create a fixed deposit account within the banking app or at their offices.

The difference between a personal fixed deposit account and a savings account is that once you make the fixed deposit, you cannot use any of the money until the deposit period ends, or you will lose the interest accrued. Savings accounts on the other hand can be used to withdraw funds during the savings period, without disturbing any accrued interest. Note too that rates differ between business and personal accounts.

Some of the most popular banks and their interest rates at a one-year personal (not business) fixed plan are as follows:

1. LOLC → This bank’s monthly interest rate paid monthly is 3% per annum on Savings Accounts or 6% per annum on FDs paid at maturity.
2. Acleda Bank → This bank’s monthly interest rate is 2% per annum on Savings Accounts and FDs (aka Term Deposits) from2.90% to 3.00% p.a. for USD deposited via mobile/internet banking.
3. ABA Bank → This bank’s interest rate per annum is 0.10% to 1.5% per annum on personal Savings Accounts . Meanwhile, ABA Fixed Deposit annual interest rates 2.75% paid at maturity, depending on whether you are saving in KHR or USD.

Upon opening a bank account, you should be aware of the tax withheld by the bank. This is something that most people don’t realize they have to pay. Tax withholding is a form of tax where a bank will withhold taxes from an income before being paid out. The good news is that dividends paid to residents are tax-exempt while non-residents are subject to pay 14% advance tax on dividend distributions.

Below is a table to understand the tax rates in Cambodia based on the nature of income.

If you’re not sure whether or not you have to pay withholding taxes, you can check with your employer or the official government agency for taxes in Cambodia .

How is it like to withdraw money using a foreign or local bank in Cambodia?

Withdrawing money from your bank doesn’t charge you any convenience fees. However, if you use an international card to withdraw from a local bank, the average transaction can cost between $4 to $5, and sometimes more.

Hence, if you are living in Cambodia or spending a long time in country, it is much more affordable to start a local account and use that for your day-to-day withdrawals, rather than taking cash from an international account.

Requirements To Open A Bank Account

Opening a bank account in Cambodia as an expat is easy. As of the latest available information, the general requirements for expatriates to open a bank account in Cambodia include:

• A valid passport with at least six months’ validity remaining.
• A valid visa , while previously a one-year extended Cambodian visa , was commonly required, and some banks may now accept visas of shorter durations.
• Proof of residence in Cambodia, such as a lease agreement or utility bill.
• An initial deposit , the amount of which varies depending on the bank and type of account.

Please note that specific requirements can differ between banks and may change over time. It’s advisable to contact the bank directly or visit their official website for the most current information. Additionally, the overarching regulator of banking and financial institutions in Cambodia, the National Bank of Cambodia ( nbc.org.kh ), may provide further guidance.

Most banks only require the documents listed above to open a bank account. However, there are some institutions that also require the following:

• A certificate of employment
• Proof of residency or copy of your lease
• Business registration if you’re self-employed in Cambodia
• A photo of yourself in passport size with a white background

Once you have all the above, opening an account would only take a couple of minutes. Afterward, you can then enjoy the convenience of having a Cambodian bank. If you have questions or need advice for opening a bank account in Cambodia, we are happy to point you in the right direction – get in touch today!

Best Banks For Expats In Cambodia

There are a variety of banking choices available in Cambodia that you can choose from. However, the top banks for expats and locals alike are the following:

Aba Bank

• The ABA Bank is one of the most popular ones used in Cambodia since it has 99 branches and is currently accepted as a payment method in most stores, big and small, nationwide.
• The app is very fast, secure and offers a great user experience.
• ABA Bank in Cambodia offers different account options with specific initial deposit requirements.
• For a Savings Account , no initial deposit is required for both residents and non-residents, and the interest rate is up to 0.60% p.a. (for balances over $1,000,000 USD). The current maximum KHR rate is 1.25% p.a. (for balances over 100 million KHR).
• For a Current Account, residents and non-residents must make an initial deposit of 402,100 KHR ($100). No interest applies to this account.
• The Current PLUS Account requires an initial deposit of 2,010,500 KHR ($500 USD) for both residents and non-residents. Interest rates vary between 1%-1.5% based on account balance; higher balances earn higher interest rates.

Acleda Bank

• One of the biggest banks in rural and urban areas is ACLEDA Bank . It has around 265 branches and is widely accepted for local payments.
• The app is very fast, secure and offers a great user experience. ACLEDA Bank provides a secure and updated banking network across all provinces and towns, allowing customers to conveniently access their accounts and monitor transactions via account statements, passbooks, or optional mobile alerts.
• Opening a savings account with ACLEDA Bank provides customers with competitive interest rates and flexibility in depositing funds in Khmer Riel (KHR), US Dollar (USD), Thai Baht (THB), and Euro.
• The account offers no initial deposit, minimum balance requirement, or service charge for account opening or closing. Interest is accrued daily and capitalized monthly, ensuring a steady savings growth.
• Customers also receive free account information cards, while a small fee applies for using a passbook.

Sathapana Bank

• The SATHAPANA Bank is one of the biggest money lenders in the country, and it has transitioned into a huge bank with 170 branches in Cambodia. It offers a wide range of banking services to both residents and non-residents. SATHAPANA Bank in Cambodia offers different account options with specific initial deposit requirements.
• For a Savings Account, residents and non-residents must make an initial deposit of 4,00,000 KHR or $100 USD . Savings Account with a minimum opening balance of 40,000 KHR or $10 USD and no ongoing balance requirement . The interest rate is 0.50% per annum for USD accounts and 0.75% per annum for KHR accounts , ensuring steady deposit growth.
• For a Smart Savings Account, residents and non-residents must make an initial deposit of 4,00,000 KHR or $100 USD , with an interest rate of up to 3.5% per annum.
• For a Term Deposit Account , residents and non-residents must make an initial deposit of 2,000,000 KHR or $50 USD . For USD deposits , interest rates range from 3.00% to 5.00% for interest paid at maturity and 2.75% to 4.75% for monthly interest payments. KHR deposits range from 4.00% to 5.50% for interest on maturity and 3.75% to 5.25% for monthly interest payments.

J-Trust Royal Bank

• The J-Trust Bank , which translates to Japanese Trust Bank, has recently expanded by opening three new branches: J Trust Royal Saensokh, J Trust Royal Chbar Ampov, and J Trust Royal Chroy Chongvar . In total, J Trust Royal has 15 branches nationwide.
• J Trust Royal Bank in Cambodia offers different account options with specific initial deposit requirements. Interest is earned based on a tiered structure , calculated daily, and paid monthly.
• For The One Account , residents and non-residents must make an initial deposit of $1 USD or 4,000 KHR. This account has no ongoing balance requirement and does not specify an interest rate.
• For a Goal Savings Account, residents and non-residents must make an initial deposit of $10 USD or 40,000 KHR , with a minimum balance requirement of $10 USD or 40,000 KHR . The interest rate is tiered based on deposit amounts , ensuring steady growth in savings.
• For a Term Deposit Account , residents and non-residents must make an initial deposit of $1,000 USD or 4,000,000 KHR . For USD deposits , interest rates range from 1.50% to 3.75%, depending on the tenure. For KHR deposits , rates range from 3.50% to 5.50% , ensuring competitive deposit returns.

Bred Bank

• Popularly known for business & corporate banking, Bred Bank is one of the largest banking groups in France and the only EU bank in Cambodia that has expanded to 15 branches . BRED Bank in Cambodia offers different account options with specific initial deposit requirements.
• For a Savings Plus Account , residents and non-residents must make an initial deposit of 20,039,820 KHR or $5,000 USD equivalent . The minimum interest-bearing balance requirement is $1,000 USD or 4,007,964 KHR equivalent . Interest is tiered , calculated daily, and applied monthly, ensuring steady deposit growth.
• For a Fixed Term Deposit Account, residents and non-residents must make an initial deposit of $500 USD or 2,003,982 KHR equivalent . For USD deposits , interest rates range from 3.00% to 5.65% per annum , depending on the selected tenure, which can range from 3 to 36 months . For KHR deposits , rates are competitive, ensuring optimal returns on savings. Interest can be paid monthly or at the end of the term , providing flexibility.

Maybank

• One of the leading banks in Southeast Asia and the largest financial servicing company in Malaysia, Maybank in Cambodia has a total of 21 branches and a full range of banking services to individuals and corporate sectors.
• Maybank Cambodia offers different account options with specific initial deposit requirements.
• For an iSave Account , both residents and non-residents are not required to make an initial deposit, but a minimum balance of 20,00 KHR or $5 USD is needed to start earning interest. Interest is competitive, calculated daily, and credited monthly, ensuring steady deposit growth.
• For a Savings Account, both residents and non-residents are not required to make an initial deposit within the first 60 days . Interest is earned irrespective of the account balance and is credited monthly, offering flexibility and financial security. The interest rate for USD accounts is 0.50% per annum , while for KHR accounts, it is 2.00% per annum . Interest is calculated daily and credited monthly , ensuring steady growth on deposits.
• For a Fixed Deposit Account , residents and non-residents must make an initial deposit of 4,000,000 KHR or $1,000 USD . For USD deposits , interest rates range from 1.25% to 4.25% per annum , depending on the tenure. For KHR deposits , interest rates range from 3.00% to 6.25% per annum , ensuring competitive returns. Interest is credited at maturity, with options for auto-renewal upon term completion.

Here is the updated table with Initial Deposit in both USD and KHR :

To learn more about banks and loans in Cambodia, read Can Foreigners Get Home Loans in Cambodia .